ABS claims “paydirt” as Australia’s exports top $40 billion

THE Australian Bureau of Statistics has released preliminary trade data for June 2021 through its International Merchandise Trade report, which shows a record $13.3 billion merchandise trade surplus.

Head of international statistics at the ABS Andrew Tomadini said, “June 2021 recorded a monthly export value above $40 billion. Exports increased 8% to $41.3 billion, with significant increases in metalliferous ores, coal, non-monetary gold, and gas”.

Exports of metalliferous ores reached a record $20.5 billion, making up almost half of Australia’s total export in June. Driving the increase was iron ore, with a record export value of $17.6 billion, and copper ore which recorded $847m in export value in June.

The top five export destinations were China increased $1,454 million (8%); Japan increased $822 million (21%); South Korea increased $567 million (24%); Taiwan increased $104 million (9%); and US increased $89 million (7%).

The increase to Japan was driven by coal, up $324 million (32%). Hard coking coal increased $132 million (61%) and thermal coal increased $168m (29%).

The increase to South Korea was driven by metalliferous ores, up $236 million (21%) and coal, up $172 million (32%). Driving the metalliferous ores increase was iron ore, up $108 million (14%) and precious metal ores and concentrates, up $89 million.

The increase to Taiwan was driven by metalliferous ores, up $101 million (26%).

The increase to the US was driven by fertilisers, up $69 million to $74 million, a record high to one of Australia’s key fertiliser export markets, and medicinal and pharmaceutical products, up $55 million.

Driving the increase to Australia’s largest trading partner, China, were metalliferous ores, up $1 billion (8%) and non-monetary gold, up $396 million (87%).

The increase in metalliferous ores to China was once again driven by iron ore, up $1 billion (7%) to $14.9 billion, a record high for iron ore and subsequently metalliferous ores. Price was once again the predominant driver of the increase, up 5%, with quantity also increasing, up 2%.

Made up almost entirely of gold bullion, June observed the second highest non-monetary gold export to China on record.

In June, imports increased $2.1 billion or 8%, driven by petroleum up $1.1 billion. Diesel imports were the largest contributor to the petroleum increase, up 45%. Road vehicle imports also increased $852 million to a record a value of $4.2 billion.